Hills Bank & Trust Co
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 5, 2025), Hills Bank & Trust Co reported 313 stock positions worth $1.6 billion. Its top holding was SS SPDR S&P 500 ETF Trust-US (SPY) at 8.5% of the portfolio, followed by Vanguard Ftse Developed ETF (VEA, 7.3%) and State Street SPDR S&P Midcap (MDY, 4.3%). Compared with Q1 2025, it opened 19 new positions, sold out of 5, added to 94 and reduced 145. The biggest buy was SS SPDR P S&P 400 Midcap ETF (SPMD, shares +96%) and the biggest sale iShares Ibonds Dec 2025 Term (IBTF, shares −1%).
- Most Recent 13F
- Q2 2026
- Location
- North Liberty, IA
- CIK
- 0001309148
- Portfolio Value
- $1.6B (Q2 2025)
- SEC Filing
- 0001309148-25-000009 ↗ filed Aug 5, 2025
Holdings Value
Holdings 313 stocks · $1.6B
| SPY SS SPDR S&P 500 ETF Trust-US | 8.48% | 217,773 | $134.6M | Reduce -0.2% |
| VEA Vanguard Ftse Developed ETF | 7.33% | 2,040,018 | $116.3M | Add +6.6% |
| MDY State Street SPDR S&P Midcap | 4.25% | 119,169 | $67.5M | Reduce -1.0% |
| SPMD SS SPDR P S&P 400 Midcap ETF | 4.10% | 1,195,251 | $65.0M | Add +96.5% |
| FTRB Fed Hermes TTL RTRN BND | 3.65% | 2,307,838 | $57.9M | Add +17.5% |
| BSCQ Invesco Bulletshares 2026 CB | 3.34% | 2,711,978 | $52.9M | Add +0.3% |
| IBTF iShares Ibonds Dec 2025 Term | 3.21% | 2,178,749 | $50.9M | Reduce -1.0% |
| VWO Vanguard Ftse Emerging Marke | 3.03% | 972,070 | $48.1M | Add +8.3% |
| BSCR Invesco Bulletshares 2027 CB | 2.99% | 2,415,100 | $47.5M | Add +0.3% |
| BSCS Invesco Bulletshares 2028 CB | 2.96% | 2,289,871 | $46.9M | Add +0.1% |
| BSCT Invesco Bulletshares 2029 CB | 2.53% | 2,143,374 | $40.1M | Add +2.8% |
| NVDA Nvidia Corp. | 2.40% | 240,622 | $38.0M | Reduce -1.6% |
| MSFT Microsoft Corp. | 2.37% | 75,469 | $37.5M | Reduce -1.1% |
| BSCU Invesco Bulletshares 2030 CB | 2.26% | 2,140,405 | $35.9M | Add +6.3% |
| AAPL Apple Inc. | 1.68% | 129,566 | $26.6M | Reduce -0.8% |
| BND Vanguard Total Bond Market | 1.60% | 344,181 | $25.3M | Add +2.9% |
| SPYV SS SPDR P S&P 500 Value ETF | 1.57% | 475,061 | $24.9M | Add +46.2% |
| GOOG Alphabet Inc. Class C | 1.37% | 122,729 | $21.8M | Reduce -1.1% |
| GUNR NT Mstar GLBL NR ETF | 1.37% | 542,269 | $21.8M | Reduce -12.8% |
| SPYM Ste STR SPDR PT S&P 500 ETF | 1.28% | 280,211 | $20.4M | Add +78.8% |
| PG The Procter & Gamble Co. | 1.16% | 115,977 | $18.5M | Reduce -1.8% |
| GII State Street SPDR S&P Global | 1.09% | 257,006 | $17.3M | Add +6.0% |
| JPM JPMorgan Chase & Co. | 1.06% | 57,794 | $16.8M | Reduce -0.7% |
| JPIB JPMorgan Intl BND ETF | 1.01% | 328,375 | $16.0M | Add +12.5% |
| EFA iShares MSCI Eafe ETF | 0.98% | 173,260 | $15.5M | Add +1.1% |
| FAST Fastenal Co. | 0.97% | 367,529 | $15.4M | Reduce -1.7% |
| AMZN Amazon.com Inc. | 0.96% | 69,449 | $15.2M | Add +2.8% |
| GQRE NT GLBL Qual Re ETF | 0.94% | 249,887 | $14.9M | Reduce -2.6% |
| BSMT Invesco Bulletshares 2029 MB | 0.87% | 610,608 | $13.9M | Add +90.4% |
| RWO State Street SPDR Dow Jones | 0.79% | 282,877 | $12.5M | Reduce -5.5% |
| HD Home Depot Inc. | 0.72% | 31,150 | $11.4M | Reduce -2.5% |
| META Meta Platforms Inc. Class A | 0.64% | 13,713 | $10.1M | Add +1.4% |
| IBMP iShares Ibonds Dec 2027 Term | 0.64% | 399,047 | $10.1M | Add +17.7% |
| MA Mastercard Inc. Class A | 0.62% | 17,522 | $9.8M | Reduce -0.1% |
| IBMO iShares Ibonds Dec 2026 Term | 0.62% | 383,212 | $9.8M | Add +17.8% |
| IBMQ iShares Ibonds Dec 2028 Muni | 0.61% | 382,180 | $9.7M | Add +15.5% |
| ICE Intercontinental Exchange Inc. | 0.61% | 52,841 | $9.7M | Reduce -2.2% |
| COST Costco Wholesale Corp. | 0.56% | 8,942 | $8.9M | Reduce -0.0% |
| PANW Palo Alto Networks Inc. | 0.53% | 41,287 | $8.4M | Reduce -2.3% |
| ORCL Oracle Corp. | 0.53% | 38,371 | $8.4M | Reduce -1.6% |
| IBMN iShares Ibonds Dec 2025 Term | 0.50% | 297,321 | $8.0M | Add +0.5% |
| FISV Fiserv Inc. | 0.47% | 42,932 | $7.4M | Reduce -1.3% |
| VOO Vanguard S&P 500 ETF | 0.45% | 12,508 | $7.1M | Reduce -0.0% |
| MCD McDonald's Corp. | 0.40% | 21,774 | $6.4M | Reduce -5.7% |
| USB US Bancorp | 0.40% | 140,270 | $6.3M | Reduce -12.0% |
| IJR iShares Core S&P Small-Cap E | 0.38% | 55,612 | $6.1M | Reduce -6.3% |
| ITW Illinois Tool Works | 0.37% | 24,007 | $5.9M | Reduce -2.8% |
| ABT Abbott Laboratories | 0.36% | 42,565 | $5.8M | Reduce -0.3% |
| DFIC Dimensional International Co. | 0.35% | 180,031 | $5.6M | Add +246.7% |
| V Visa Inc. Class A | 0.33% | 14,548 | $5.2M | Reduce -3.0% |
| JNJ Johnson & Johnson | 0.32% | 33,146 | $5.1M | Add +6.3% |
| CRM Salesforce Inc. | 0.30% | 17,746 | $4.8M | Reduce -0.6% |
| XOM Exxon Mobil Corp. | 0.30% | 44,353 | $4.8M | Reduce -3.3% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 0.30% | 38,672 | $4.8M | Reduce -2.1% |
| CMG Chipotle Mexican Grill Inc. | 0.30% | 84,363 | $4.7M | Reduce -1.6% |
| AMT American Tower Corp. | 0.30% | 21,364 | $4.7M | Reduce -3.9% |
| TMO Thermo Fisher Scientific Inc. | 0.28% | 10,831 | $4.4M | Reduce -3.5% |
| VTI VG Morningstar TS MKT ETF-US | 0.27% | 14,162 | $4.3M | Reduce -1.7% |
| PEP Pepsico Inc. | 0.26% | 31,716 | $4.2M | Reduce -4.4% |
| CVX Chevron Corp. | 0.24% | 26,759 | $3.8M | Reduce -8.4% |
| KLAC KLA Corp. | 0.24% | 4,201 | $3.8M | Reduce -1.0% |
| CVS CVS Health Corp. | 0.23% | 53,697 | $3.7M | Reduce -2.8% |
| BRK.A Berkshire Hathaway Inc. Class A | 0.23% | 5 | $3.6M | No change |
| DE Deere & Co. | 0.23% | 7,122 | $3.6M | Reduce -1.5% |
| NKE Nike Inc. Class B | 0.23% | 50,641 | $3.6M | Reduce -13.8% |
| CSCO Cisco Systems Inc. | 0.22% | 51,272 | $3.6M | Add +0.7% |
| DHR Danaher Corp. | 0.22% | 17,734 | $3.5M | Reduce -1.6% |
| ETN Eaton Corp. PLC | 0.21% | 9,503 | $3.4M | Add +0.8% |
| CATX Perspective Therapeutics Inc. | 0.21% | 984,200 | $3.4M | Reduce -3.9% |
| NSC Norfolk Southern Corp. | 0.21% | 13,143 | $3.4M | Add +0.0% |
| MDLZ Mondelez International Inc. Class A | 0.21% | 49,403 | $3.3M | Add +0.7% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.20% | 26,146 | $3.2M | Reduce -3.3% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.19% | 10,478 | $3.1M | Reduce -8.4% |
| GWW WW Grainger Inc. filed as GRAINGER W W INC | 0.19% | 2,940 | $3.1M | Reduce -11.0% |
| LNT Alliant Energy Corp. | 0.19% | 50,244 | $3.0M | Add +13.6% |
| ANSS Ansys Inc. | 0.19% | 8,422 | $3.0M | Reduce -5.4% |
| ADBE Adobe Inc. | 0.18% | 7,470 | $2.9M | Add +1.3% |
| ISRG Intuitive Surgical Inc. | 0.17% | 5,071 | $2.8M | Reduce -5.0% |
| KO The Coca-Cola Co. | 0.17% | 38,587 | $2.7M | Add +3.8% |
| CBOE Cboe Global Markets Inc. | 0.17% | 11,675 | $2.7M | No change |
| REET iShares Global REIT ETF | 0.17% | 108,843 | $2.7M | New |
| SPGI S&P Global Inc. | 0.16% | 4,962 | $2.6M | Reduce -3.5% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.16% | 5,309 | $2.6M | Reduce -0.7% |
| BSMU Invesco Bulletshares 2030 MB | 0.16% | 117,881 | $2.5M | Reduce -65.4% |
| CMCSA Comcast Corp. Class A | 0.16% | 70,665 | $2.5M | Reduce -0.1% |
| HON Honeywell International Inc. | 0.16% | 10,775 | $2.5M | Add +0.5% |
| LLY Eli Lilly & Co. | 0.15% | 3,129 | $2.4M | Reduce -2.0% |
| BSCV Invesco Bulletshares 2031 CB | 0.15% | 145,047 | $2.4M | New |
| VXF Vanguard Extended Market ETF | 0.15% | 12,318 | $2.4M | Reduce -0.2% |
| MRSH Marsh & McLennan Cos | 0.15% | 10,675 | $2.3M | Add +0.8% |
| COR Cencora Inc. | 0.15% | 7,710 | $2.3M | Add +4.7% |
| BSMP Invesco Bulletshares 2025 MB | 0.15% | 93,899 | $2.3M | Add +12.5% |
| BX Blackstone Inc. | 0.15% | 15,403 | $2.3M | Add +4.6% |
| XLB SS Materials Select Sector | 0.14% | 25,208 | $2.2M | Reduce -4.7% |
| ADI Analog Devices Inc. | 0.14% | 9,297 | $2.2M | Reduce -2.3% |
| GNR State Street SPDR S&P Global | 0.14% | 40,485 | $2.2M | New |
| ZBH Zimmer Biomet Holdings Inc. | 0.13% | 23,429 | $2.1M | Reduce -2.6% |
| GD General Dynamics Corp. | 0.13% | 7,311 | $2.1M | Add +1.7% |
| VXUS Vanguard Total Intl Stock | 0.13% | 30,294 | $2.1M | Reduce -0.8% |
| VGSH Vanguard Short-Term Treasury | 0.13% | 34,099 | $2.0M | Add +0.6% |
Portfolio Sells Q1 2025 → Q2 2025
| IBTF iShares Ibonds Dec 2025 Term | Reduce -1.0% | 3.21% | −0.41 |
| AAPL Apple Inc. | Reduce -0.8% | 1.68% | −0.37 |
| BSMU Invesco Bulletshares 2030 MB | Reduce -65.4% | 0.16% | −0.36 |
| GUNR NT Mstar GLBL NR ETF | Reduce -12.8% | 1.37% | −0.33 |
| MDY State Street SPDR S&P Midcap | Reduce -1.0% | 4.25% | −0.27 |
| PG The Procter & Gamble Co. | Reduce -1.8% | 1.16% | −0.25 |
| FISV Fiserv Inc. | Reduce -1.3% | 0.47% | −0.21 |
| RWO State Street SPDR Dow Jones | Reduce -5.5% | 0.79% | −0.13 |
| TMO Thermo Fisher Scientific Inc. | Reduce -3.5% | 0.28% | −0.12 |
| SPY SS SPDR S&P 500 ETF Trust-US | Reduce -0.2% | 8.48% | −0.11 |
| GQRE NT GLBL Qual Re ETF | Reduce -2.6% | 0.94% | −0.11 |
| MCD McDonald's Corp. | Reduce -5.7% | 0.40% | −0.11 |
| HD Home Depot Inc. | Reduce -2.5% | 0.72% | −0.10 |
| CVX Chevron Corp. | Reduce -8.4% | 0.24% | −0.10 |
| PEP Pepsico Inc. | Reduce -4.4% | 0.26% | −0.09 |
| XOM Exxon Mobil Corp. | Reduce -3.3% | 0.30% | −0.08 |
| USB US Bancorp | Reduce -12.0% | 0.40% | −0.07 |
| ITW Illinois Tool Works | Reduce -2.8% | 0.37% | −0.06 |
| ZBH Zimmer Biomet Holdings Inc. | Reduce -2.6% | 0.13% | −0.06 |
| MA Mastercard Inc. Class A | Reduce -0.1% | 0.62% | −0.06 |
| BMY Bristol-Myers Squibb Co. | Reduce -4.9% | 0.10% | −0.05 |
| IJR iShares Core S&P Small-Cap E | Reduce -6.3% | 0.38% | −0.05 |
| MAS Masco Corp. | Reduce -39.5% | 0.05% | −0.05 |
| FAST Fastenal Co. | Reduce -1.7% | 0.97% | −0.05 |
| ICE Intercontinental Exchange Inc. | Reduce -2.2% | 0.61% | −0.04 |
| V Visa Inc. Class A | Reduce -3.0% | 0.33% | −0.04 |
| AMT American Tower Corp. | Reduce -3.9% | 0.30% | −0.04 |
| DHR Danaher Corp. | Reduce -1.6% | 0.22% | −0.04 |
| BRK.B Berkshire Hathaway Inc. Class B | Reduce -0.7% | 0.16% | −0.04 |
| COST Costco Wholesale Corp. | Reduce -0.0% | 0.56% | −0.04 |
| TJX TJX Companies Inc. | Reduce -2.1% | 0.30% | −0.04 |
| GWW WW Grainger Inc. | Reduce -11.0% | 0.19% | −0.04 |
| NKE Nike Inc. Class B | Reduce -13.8% | 0.23% | −0.04 |
| VTEB Vanguard Tax-Exempt Bond ETF | Reduce -62.3% | 0.02% | −0.03 |
| ABT Abbott Laboratories | Reduce -0.3% | 0.36% | −0.03 |
| CRM Salesforce Inc. | Reduce -0.6% | 0.30% | −0.03 |
| LLY Eli Lilly & Co. | Reduce -2.0% | 0.15% | −0.03 |
| XLP SS Consumer Staples Sel Sect | Reduce -38.2% | 0.04% | −0.03 |
| ZTS Zoetis Inc. | Sold out | 0.00% | −0.03 |
| CVS CVS Health Corp. | Reduce -2.8% | 0.23% | −0.03 |
| TFC Truist Financial Corp. | Reduce -15.3% | 0.11% | −0.03 |
| ODFL Old Dominion Freight Line | Reduce -46.5% | 0.02% | −0.03 |
| HAL Halliburton Co. | Reduce -13.8% | 0.04% | −0.03 |
| IHF iShares U.S. Healthcare Prov | Reduce -4.4% | 0.09% | −0.03 |
| CDW CDW Corp. | Reduce -17.7% | 0.12% | −0.03 |
| FTAI Ftai Aviation Ltd. | Reduce -37.6% | 0.03% | −0.03 |
| CMCSA Comcast Corp. Class A | Reduce -0.1% | 0.16% | −0.02 |
| EOG EOG Resources Inc. | Reduce -0.1% | 0.12% | −0.02 |
| VZ Verizon Communications Inc. | Reduce -15.0% | 0.06% | −0.02 |
| WCN Waste Connections Inc. | Reduce -3.2% | 0.11% | −0.02 |
Portfolio Buys Q1 2025 → Q2 2025
| SPMD SS SPDR P S&P 400 Midcap ETF | Add +96.5% | 4.10% | +1.90 |
| SPYM Ste STR SPDR PT S&P 500 ETF | Add +78.8% | 1.28% | +0.56 |
| VEA Vanguard Ftse Developed ETF | Add +6.6% | 7.33% | +0.48 |
| SPYV SS SPDR P S&P 500 Value ETF | Add +46.2% | 1.57% | +0.40 |
| BSMT Invesco Bulletshares 2029 MB | Add +90.4% | 0.87% | +0.36 |
| DFIC Dimensional International Co. | Add +246.7% | 0.35% | +0.25 |
| FTRB Fed Hermes TTL RTRN BND | Add +17.5% | 3.65% | +0.19 |
| VWO Vanguard Ftse Emerging Marke | Add +8.3% | 3.03% | +0.17 |
| REET iShares Global REIT ETF | New | 0.17% | +0.17 |
| BSCV Invesco Bulletshares 2031 CB | New | 0.15% | +0.15 |
| GNR State Street SPDR S&P Global | New | 0.14% | +0.14 |
| META Meta Platforms Inc. Class A | Add +1.4% | 0.64% | +0.09 |
| IJH iShares Core S&P Midcap ETF | Add +414.0% | 0.11% | +0.08 |
| BSMV Invesco Bulletshares 2031 MB | New | 0.07% | +0.07 |
| IBMR iShares Ibonds Dec 2029 M BD | Add +642.0% | 0.07% | +0.06 |
| AMZN Amazon.com Inc. | Add +2.8% | 0.96% | +0.06 |
| IBMP iShares Ibonds Dec 2027 Term | Add +17.7% | 0.64% | +0.03 |
| ETN Eaton Corp. PLC | Add +0.8% | 0.21% | +0.03 |
| AVGO Broadcom Inc. | New | 0.03% | +0.03 |
| IBMO iShares Ibonds Dec 2026 Term | Add +17.8% | 0.62% | +0.03 |
| GII State Street SPDR S&P Global | Add +6.0% | 1.09% | +0.03 |
| AMD Advanced Micro Devices | Add +18.7% | 0.09% | +0.03 |
| NOW ServiceNow Inc. | Add +48.5% | 0.06% | +0.03 |
| CDNS Cadence Design SYS Inc. | Add +109.9% | 0.05% | +0.03 |
| COF Capital One Financial Corp. | New | 0.03% | +0.03 |
| IBMQ iShares Ibonds Dec 2028 Muni | Add +15.5% | 0.61% | +0.02 |
| JPIB JPMorgan Intl BND ETF | Add +12.5% | 1.01% | +0.02 |
| EMR Emerson Electric Co. | Add +18.7% | 0.10% | +0.02 |
| BSMS Invesco Bulletshares 2028 MB | Add +42.6% | 0.09% | +0.02 |
| RTX RTX Corp. | Add +46.0% | 0.06% | +0.02 |
| TSLA Tesla Inc. | New | 0.02% | +0.02 |
| GEV GE Vernova Inc. | Add +8.1% | 0.04% | +0.02 |
| CARR Carrier Global Corp. | Add +122.3% | 0.03% | +0.02 |
| MSI Motorola Solutions Inc. | Add +114.6% | 0.03% | +0.02 |
| INTU Intuit Inc. | Add +9.3% | 0.05% | +0.01 |
| KKR KKR & Co. Inc. | New | 0.01% | +0.01 |
| ASML ASML Holding NV-NY Reg SHS | Add +16.3% | 0.05% | +0.01 |
| IEFA iShares Core MSCI Eafe ETF | Add +36.4% | 0.04% | +0.01 |
| BSV Vanguard Short-Term Bond ETF | New | 0.01% | +0.01 |
| FBTC Fidelity Wise Origin Bitcoin | New | 0.01% | +0.01 |
| BTC Grayscale Bitcoin Mini ETF | New | 0.01% | +0.01 |
| PYPL PayPal Holdings Inc. | Add +10.4% | 0.08% | +0.01 |
| SCHW Schwab (charles) Corp. | Add +3.5% | 0.12% | +0.01 |
| FEDM NT ESG Clim Dev Exus ETF | New | 0.01% | +0.01 |
| MPWR Monolithic Power Systems Inc. | Add +27.9% | 0.03% | +0.01 |
| NFLX Netflix Inc. | New | 0.01% | +0.01 |
| PWR Quanta Services Inc. | New | 0.01% | +0.01 |
| BMO Bank of Montreal | New | 0.01% | +0.01 |
| CAT Caterpillar Inc. | Add +17.4% | 0.04% | +0.01 |
| GNMA iShares Gnma Bond ETF | New | 0.01% | +0.01 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 383 | $2.3B | SPYM, VEA, SPY, FTRB, AVLC |
| Q1 2026 | 355 | $2.1B | SPYM, VEA, SPY, AVLC, SPMD |
| Q4 2025 | 340 | $1.7B | SPY, VEA, SPMD, MDY, FTRB |
| Q3 2025 | 323 | $1.7B | SPY, VEA, SPMD, MDY, FTRB |
| Q2 2025 | 313 | $1.6B | SPY, VEA, MDY, SPMD, FTRB |
| Q1 2025 | 299 | $1.4B | SPY, VEA, MDY, BSCQ, IBTF |
| Q4 2024 | 299 | $1.3B | SPY, MDY, BSCQ, IBTF, BSCR |
| Q3 2024 | 301 | $1.3B | SPY, MDY, BSCQ, IBTF, IBTE |
| Q2 2024 | 284 | $1.2B | SPY, MDY, IBTF, IBTE, BSCQ |
| Q1 2024 | 282 | $1.2B | SPY, MDY, IBTE, IBTF, BSCQ |